To decide whether you’re better off buying a new construction home or a resale home, there are a few important factors to consider.
Are you better off buying a new construction home over a resale one?
To get an idea of how to answer this question, it’s important that we reflect on one of the most important aspects of real estate: location, location, location.
If someone tells me they’re thinking of buying a new construction home, my first question to them is, “Where?” Have they picked out a specific community or area? By knowing that, I’ll know how to guide them. Certain communities are more negotiable than others, and certain builders have different policies, so depending on these factors and whatever is happening in the community they’re interested in, I’ll be able to help them answer that question.
“Location is a critical factor in deciding whether to buy a new construction home or not.”
Another point to keep in mind when it comes to larger builders is that they’re trying to hit sales goals and quotas. Sometimes, the end of the month, quarter, or year can mean a substantial discount for you.
In terms of new construction versus resale, I wish there was a blanket “yes” or “no” answer as to which is better for you, but that depends on a variety of factors. My best advice is to focus not only on location, but also the age of the community you’re interested in. Are you buying the first home in that community or one of the last ones? Each answer comes with a different set of risks and rewards, so make sure you analyze that question and understand the potential pitfalls that come with buying in a brand-new community.
If you have any further questions about this topic or you’re thinking of selling a home in our market, don’t hesitate to reach out to me. I’d love to help you.